PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan

Hamilton Enhanced Canadian Bank ETF (HCAL.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 3, 2026

HCAL aims to deliver 1.25 times the performance of the Solactive Equal Weight Canada Banks Index by investing primarily in Canadian banks and employing a strategy that includes 25% cash leverage, without utilizing derivatives.

Looking to diversify beyond HCAL.TO? The ETFs below have the lowest correlation with HCAL.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from HCAL.TO.

Best Diversifiers for HCAL.TO

9 ETFs have low correlation with HCAL.TO (below 0.3), 3 of which are negatively correlated. The least correlated is Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) (Energy Equities) with a 1Y correlation of -0.15, down from 0.26 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
HXE.TO
Global X S&P/TSX Capped Energy Index Corporate Cla...-0.150.120.26
86
Energy EquitiesHCAL.TO vs HXE.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF-0.140.150.29
87
Energy EquitiesHCAL.TO vs XEG.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF-0.09——
70
Energy Equities, Derivative IncomeHCAL.TO vs EMAX.TO
SPLT.TO
Brompton Split Corp. Preferred Share ETF0.13——
56
Preferred Stock/Convertible BondsHCAL.TO vs SPLT.TO
ZPR.TO
BMO Laddered Preferred Share Index ETF0.190.240.31
97
Preferred Stock/Convertible BondsHCAL.TO vs ZPR.TO
See all 56 diversifiers for HCAL.TO

To view more results, upgrade your current subscription plan.

Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from HCAL.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HCAL.TO and solid risk/return profiles. The least correlated is Sprott Physical Gold Trust (PHYS.TO) (Financial Services) with a 1Y correlation of 0.13, up from -0.04 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
PHYS.TO
Sprott Physical Gold Trust0.130.08-0.04
73
Financial Services
AGF-B.TO
AGF Management Ltd0.400.360.41
78
Financial Services

Rows per page

1–2 of 2

Diversification Analysis

Build a portfolio that complements HCAL.TO

Add HCAL.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with HCAL.TO